Demand Remains Resilient as AI Security Gains Mindshare - Bullish on PANW, CRWD,

Research evidence excerpt

Demand Remains Resilient as AI Security Gains Mindshare - Bullish on PANW, CRWD,

Technology | Software

July 14, 2026

Peter Levine Demand Remains Resilient as AI Security

212 497 0833 Gains Mindshare - Bullish on PANW, peter.levine@evercoreisi.com

Kirk Materne, CFA CRWD, & FTNT

212 497 0873 Based on our quarterly survey of 20 cyber channel partners, demand

kirk.materne@evercoreisi.com

trends remain healthy, consistent with our recent checks (see here).

Charlie Zhou

Partners continue to expect higher cyber budgets over the NTM, 646-551-8513

charlie.zhou@evercoreisi.com supported by growing customer urgency around securing against AI-

Peter Burkly related threats. Mythos is further elevating AI security discussions,

212 497 0831 though most partners still see limited N/T impact on broader spending.

peter.burkly@evercoreisi.com Partner feedback also points to improving pipeline momentum

Bill McNamara alongside easing macro uncertainty q/q despite ongoing geopolitical

212 446 5626 conflict. Spending continues to be directed toward data/AI security,

bill.mcnamara@evercoreisi.com cloud security, and identity, as enterprises prioritize securing AI

Vinod Srinivasaraghavan, CFA deployments and defending against AI-related threats. This quarter, we

646-551-8831 also picked up evidence of bifurcated firewall refresh activity around

Vinod.Srinivas@evercoreisi.com memory-driven price increases, with some customers pulling forward

hardware purchases while others continue to push out refresh activity.

Federal pipeline trends also improved q/q, likely reflecting normalization Upcoming Industry Events

from the prior partial govt shutdown and stabilizing macro conditions.

Key Highlights:

Upcoming Cybersecurity Events: